The full form of SIDC or SIDCs is State Industrial Development Corporations. It was first established in 1995. They are state-owned government corporations that engage in the development and promotion of medium and large industries. SIDCs aim to develop industrial infrastructure such as industrial parks and industrial estates along with providing financial assistance. The main objective of establishing SIDC was to increase the process of industrialization in India.
Objectives of SIDC
The main objectives of SIDC are as follows:-
• They provide loans to several industrial units in medium and large sectors.
• It aids in the establishment of entrepreneurship and skill development.
• It helps in facilitating industrial infrastructure development.
• SIDC aims to promote micro, small and medium enterprises.
Some of the State Industrial Development Corporations are:-
• Gujarat Industrial Investment Corporation Ltd. (GIIC)
• Haryana State Industrial Development Corporation Ltd (HSIDC)
• Rajasthan State Industrial Development and Investment Corporation Ltd (RIICO)
Currently there are 28 State industrial development Corporations in India. It has been established by state governments of each state. 11 out 28 SIDCs in the country function as State Financial Corporations. They are termed as Twin functions of IDCs.
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